Frye, at 31 the oldest player on the otherwise young Suns roster last season, will look for a longer-term deal with the Suns with other teams expected to show interest.
Frye, who grew up in Phoenix, was one of the leaders of the surprisingly successful Phoenix team.
After missing the entire 2012-13 season for treatment of an enlarged heart, Frye came back to start all 82 games last season, averaging 11.1 points and 5.1 rebounds per game. He is best known for his long-range shooting, making 37 percent of his 432 3-point attempts last season.
Frye would have made $6.8 million next season had he not opted out.